The only thing investors and traders care about is hearing Janet Yellen elude to a more easy money policy. Today she testified in front of the senate banking committee which is made up of a bunch of grown men and women who must believe in the tooth fairy.
Not only do they ask frivolous questions, but most are plain dumb. They actually believe that the Fed can manage employment, the economy and one moron even wanted to know who Mrs. Yellen could help to solve their states problem with high unemployment.
I’m never at a loss to find the irony.
Here, you have a congress that continues to pass laws and regulations that stifle businesses and economic growth, then one of the very members directly responsible for creating the laws wants to know from the Federal Reserve how they can help fix the problem. Look in the mirror pal.
Hello? Is anyone home?
All in all, she said nothing other than what she was expected to say. The economy is improving, we’re going to do whatever we can to support the recovery and full employment, and we don’t see any problem with ending operation twist. Another series of shocking and revolutionary statements. I think they pull them out of a file cabinet, dust them off and change the date.
Anyway, the market did it’s normal dance during “Turnaround Tuesday” of options expiration week. As discussed in yesterdays video, this up and down, whipsaw action is to be expected and accompanied by the normal rummer mill and bucket of excuses why the market is doing this or that.
Next up, weird wacky Wednesday. Most likely more of the same tomorrow – but the end is near.
Get the complete market analysis in today’s Common Sense Analysis Video.”